Trustpilot Group PLC (LSE:TRST) said today that venture capital fund Northzone VI LP has sold 13 million ordinary shares in the rating provider through a secondary share placing.
The rating business said it would not receive any proceeds from the share placing, which is expected to close on Friday.
Northzone plans to sell 3.11% of the issued share capital in Trustpilot at a price of 103 pence per share through the placing of ordinary shares.
The venture capital firm was originally a lead investor in Trustpilot’s series A funding round in 2011, a decade before it listed on the London Stock Exchange.
The sellers in today's placing are expected to retain 5,173,241 ordinary shares in Trustpilot following the transaction and will be subject to a lock-up period of 45 days.
Berenberg bank is the sole bookrunner for the share placing.